I've tried various schemes in the past but decided I'm never going to be able to create and remember good passwords. I've tried various programs and never found any that were convenient and available whenever I need them. The only thing I have found that works for me is clipperz (www.clipperz.com). I now need to remember just one strong password (3 old passwords I could already remember combined with something between each one). It is available wherever I am online, is easy to make a read-only offline copy and also has one-time passwords for use when using untrusted computers that may be running key loggers. It's design assumes you can't trust the host server, so it does not store your master password. All encryption decryption happens locally in the browser and only the encrypted blob is stored on the server. The main release is the beta version, but the gamma version has a nice new interface with fast search.
It has direct logins that work for many but not all sites. It does not matter to me that these do not work for some sites because it does not take long to copy and paste the password I need.
I do not claim to have a deep understanding of security, but from what I have read I think this is a robust approach. I would be interested to hear if those who know more than me disagree.